The process of reaching a settlement under the extraordinary administration procedure of Agrokor is one of the most complex in Croatia and in Europe due to the complexities of Agrokor as a business and the total amount of the debt as well as the large number of creditors, 5.700 of them. This section contains all the news on the process of reaching of a settlement for all the key stakeholders, as well as the latest details and developments.
Statement of the Temporary Creditors’ Council
15. May 2018.
Regarding the latest developments affecting the process of Extraordinary Administration in Agrokor, the Temporary Creditors’ Council representatives and other creditors: Andrew Shannahan – Knighthead, Diana Nikolova – VTB, Sergei Volk – Sberbank, Pavo Mišković – Zagrebačka banka and Marica Vidaković, large suppliers jointly communicated the following:
„Creditors of Agrokor have invested substantial funds in Agrokor and together with the Extraordinary Administrator and the advisors of Agrokor are now focused solely on reaching a fair settlement for all stakeholders within the short period of time left within the statutory deadline.
We would like to state clearly that the Temporary Creditors’ Council represents the creditors who are soon to be owners of Agrokor and who are the only ones bearing all the costs of Agrokor’s restructuring and the process of extraordinary administration. These costs, although very high, are in line with international standards of complex restructuring cases such as this one and we see them as a necessity that we are paying for.
Given the magnitude of Agrokor’s problems and debt, without an experienced international team combined with local experts it would have been impossible to get where we are today.
We appreciate the work of Extraordinary Administration and all local and international advisors engaged by the EA. Their results so far include stabilizing business and achieving Agrokor’s sustainability as well as significantly improving the liquidity of the system with positive effects on the entire market and maximizing job preservation in Croatia and the countries of the region.
Despite many obstacles, we have gone a long way and have put a lot of efforts together with the EA and advisors to come close to finalizing the settlement agreement. We ask the parties who are not part of this process but are interfering with it to restrain from interference and let us finish the work, for the benefit of all stakeholders.“